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[LONDON] Money managers cut their bets on a rally in oil prices for the third week in a row last week, according to data from the InterContinental Exchange on Monday.
ICE data showed speculators cut their net long holdings of Brent futures and options by 30,631 contracts, or 30.63 million barrels, to 346,079 lots in the week to Nov 1.
In that time, Brent crude futures fell by 5.5 per cent to below US$49 a barrel, around their lowest in a month, as investors became more doubtful that Opec can to deliver a meaningful production.
Investors in ICE gasoil futures and options cut their net long holdings by 13,790 lots, or 1,379,000 tonnes, 57,661 lots in the week to Nov 1.